I also thought that it would be a good idea to get the COOLER MASTER Hyper 212 Plus RR-B10-212P-G1 "Heatpipe Direct Contact" Long Life Sleeve 120mm CPU Cooler Compatible Intel to help keep my psu cool.

Am I doing it right?

I just want to be very careful before I spending my hard earned dollars.

OK. pardon my LOL. The hyper 212 is for the CPU not the PSU. anyway. if you want to overclock.its decent and cheap. also that PSU is major overkill but if you want to do crossfire later or its cheap not an issue. just more than you need with that build.